Homework on Consensus - Questions

Blockchain and Bitcoin 101
#5948

  1. A consensus is achieved when all computers on the network agree on the current state of the blockchain, and specifically on it’s most recently verified/validated block of transactions.

  2. The truth determined through consensus is based on the agreement of a multitude of parties, in a central database a single individual or party with personal motives is the only decision-maker, which can create a flawed system.

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#5949

  1. Information/intelligence corroborated by many parties (nodes) of the blockchain, lending their support to such information, raises the fact to a verifiable truth.

  2. Without the incentivized and verifiable consensus, a centralized database managed by an individual or central committee, endangers how truth is determined. An agenda usually precedes the generation of a “truth” from the centralized database of a centralized authority.

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#5950

  1. Computers in a decentralized network calculate each transaction independently. This independent calculation of transactions coupled with a financial incentive gives a consensus among participants.

  2. In the case of a central database, the trust must lie 100% with this instance. Data integrity in this case is neither transparent to external parties nor can it be guaranteed.

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#5951

What does it mean when we say that in blockchain, consensus determine the truth?

The consensus determines the truth due to consensus “agreement” between the nodes to follow by the rules because of the financial “incentives” teamwork.

How is this different from how truth is determined in a central database?

It’s decentralized trustless, compares to a centralized “normal traditional” database with an authority that determines what the truth is, and can alter the data.

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#5952

All nodes have a copy of the chain, when a new transactions comes all the nodes have to confirm it. Consensus means that several parties (nodes) have agreed, therefore the system is decentralized and trustless. Information/transactions are checked many times by different parties.

In the realm of provenance, supply chains/networks require consensus. Goods pass through and are aggregated by many intermediaries. Claims can be validated in the presence of great complexity.

How to reach consensus? Built on financial incentives. All nodes are incentivized to validate blocks truthfully.

In a central database, “truth” requires trust in the maintainer. Blockchains are ideally trustless.

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#5954

1 we mean that a majority of the nodes must agree in order to determine what is the truth
2. In a Central database, truth is determined by whoever is charge.

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#5955
  1. In blockchain consensus determines the truth by allowing a team of nodes to collectively agree on transactions with an incentive.
  2. It is different from how truth is determined in a central data base because it’s trust less and doesn’t allow any single entity control over the network. Therefore data can’t be manipulated.
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#5956

  1. The majority (>50%) of the nodes in a blockchain has to reach a consensus regarding the validity of the transactions which ultimately determines the truth.

  2. In a central database it is not the community of users that determines the truth but the individual or group that controls the database. The users of the database have to accept what is being presented as the truth and trust that it is legit.

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#5957
  1. Consensus determines the truth in that all nodes within the network agree to accept a certain transaction.
  2. A central database is different in that, there is a single party that determines the truth, and it can be manipulated / changed.
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#5958

  1. Consensus determines the truth in transactions of data in a blockchain. Where a piece of information is being passed along through different people, there is a network that verifies the data deeming it good to go on the blockchain. There must be a consensus when posting data.

  2. Consensus used in a blockchain is different from a central database as all transactions of data are visible to the public and are verified by a network of computers.

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#5959
  1. The consensus determines the truth as the network confirms all transactions. The majority of the network is incentivized to follow the rules and will discard transactions that do not follow the rules.
  2. Due to the network transactions being confirmed by independent parties.
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#5960
  1. To achieve consensus majority of network participants must agreed on transactions which included in the block. When consensus reached, block gets added to blockchain. After block is closed it is almost impossible to alter it.
  2. All above we cannot address to centralized database, where one authority decides what and when can be changed with out any one agreement.
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#5961
  1. What does it mean when we say that in blockchain, consensus determines the truth?*
    All participants in the network reach a consensus without the need to trust/know all parties involved. Participants are incentivized to tell the truth
  2. How is this different from how truth is determined in a central database?
    There is no single point of control. The database is distributed and decentralized.
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#5962
  1. It means that every block/node in the blockchain needs to verify and approve the transaction.
  2. In the central database you have one source of truth, there is no consensus.
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#5963

  1. It means that a big network of machines needs to agree on something in order for it to be accepted, without agreement there is no validation of the action.

  2. In a central database there is a single point of filaure, so only one element determines if a fact is true or not, which can be compromised and lose its value.

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#5964

  1. Consensus determines the truth by having many computers verifying a transaction not just one.

  2. It is open and public for anyone to see. In a central database a party can say whatever they want and not worry about someone verifying if that is true or not.

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#5965
  1. What does it mean when we say that in blockchain, consensus determines the truth?

The consensus mechanism ensures that each transaction added to the ledger is a valid transaction by having each participant in the network validate the transaction.

  1. How is this different from how truth is determined in a central database?

A central database is maintained by single entity and only those with access to that database may make changes to it. A bad actor can manipulate that data at any given time and with no other external validators its not a truly trustless system.

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#5966

  • We say that because a transaction will only be accepted - or rejected - in the network when there is a consensus about the validity of that data (when the network agreed that something is truth or false)

  • In a central - or traditional - database, we must trust in the manager that centralizes the decisions and the data… there’s no much option, and it’s really harder to check or audit

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#5967
  1. In blockchain, Consenus determines truth by removing trust in the system by being decentralized.
  2. The difference in the central and Decentralized database systems is that, in a Centralized database. There is a lot of trust in the system allowing some products to be false. While in a Decentralized database, it’s based off of trustlessness and verification, making the purchased product true instead of false.
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#5968
  1. Consensus determines the truth because there is need of an approval and need to confirm as it is happened in real time

2)The central database is controlled and anyone with the access to the data base can change it and it a trust less thing

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